Appliance maker Maytag Corp.Friday reported lower-than-expected second-quarter profit that missed estimates, as sales gains were offset by higher steel and energy costs.
The company said sales of its refrigerators and Jenn-Air cooking products showed solid gains and noted year-over-year growth in Hoover vacuums, which had been in a slump.
Earnings came to $3.5 million, or 4 cents a share, compared with a year-earlier loss of $41 million, or 52 cents a share. Results included various special items.
Analysts on average were expecting profit of 10 cents a share.
Sales rose 6.7 percent to $1.23 billion.
The Newton, Iowa, company has agreed to a $14 a share takeover bid from private equity firm Ripplewood Holdings and late Thursday said its board was unable to determine whether a recent $17 a share offer from larger rival Whirlpool Corp. could result in a superior deal.
Whirlpool topped two other bids earlier this week, but many cited potential antitrust concerns tied to the companies’ market share.